LEGAL ENTITIES

Directors and/or Board members, contact information on Directors and/or Board members.

Costs

Prior to the incorporation or registration of a company a name check is required to verify whether or not the name of the business can be permitted for use in St. Maarten. The administrative processing costs related to the Name check are ANG 45.The First registration costs must be paid to have a registration completed. The costs for an extract ad ANG 20,- shall apply for every extract desired as of the moment of registration. Every registered business irrespective of its legal form is obligated to pay the annual fee due. The applicable tariffs which may change from time to time are set forth under the tab Regulations and Policies.

An extract of the registration of a legal entity is a document consisting of the following information:

• Name of the business

• Date of registration

• Address of the business

• Name of the owner/Director(s)/Board member(s)

• Registration number

• Business purpose

In case a new extract is required, a new copy should be ordered at least one day in advance!

Foundation

A foundation (or stichting in Dutch) is a legal entity in its own right with its own assets and liabilities.The legal concept of the foundation developed ages ago from capital being set aside for a special nonprofit or charitable purpose and was originally used by religious and welfare groups. The foundation is still frequently used for religious and nonprofit organizations. Distributions to incorporators or to those, who constitute its bodies, are not allowed, and its distributions are furthermore restricted by law to distributions with an ideal or social purpose.

The foregoing does not mean that the use of a common foundation is restricted to charitable purposes. It can be and is extensively used in structures in which the foundation is the legal owner of assets of which others hold the economic ownership. Any distributions are then neither out of its own funds nor out of its own income and are thus permissible.Also, the restriction does not apply to liquidation distributions: it is permissible to state in the articles of incorporation that upon liquidation the assets shall be distributed to e.g. the incorporator. A foundation can for example act as custodian or trustee of assets, entrusted and transferred to it for the purpose of investing, administering and managing such assets on behalf of third parties. A foundation is therefore an ideal vehicle to realize an economic transfer, without transferring control of the assets.

The principal difference between a foundation and a corporation is that a foundation has neither members (association) nor shareholders, nor a capital divided into shares.The board of a foundation, which manages its affairs, is therefore, not subject to the overall control of shareholders or members. The initial managing board is appointed at the moment of incorporation. Thereafter vacancies are filled as set forth in the articles of incorporation.

The foundation may be formed for an unlimited duration, for a certain period of time, or until a specified event occurs. The foundation can be dissolved by resolution of the board, unless the articles of incorporation provide otherwise. It is for example possible that the incorporator has the authority to dissolve the foundation.

Association

Is a common legal form utilized for organizations made up of members having equal contribution in and rights to participation, responsibility and liability. This legal form is often used for sports and cultural organizations, in which an elected board by the general meeting of members, works in the interest of the membership. Associations are mostly non-profit entities. The incorporation of Associations can be done by notarial deed, which document than dictates the internal and external functioning of the Association.

For more information on legal entities assistance can be sought from a Notary at law or an Attorney at law in St. Maarten. (Source of information, St. Maarten Chamber of Commerce & Industry Website – www.chamberofcommerce.sx - under “Legal Entities”)

Pelican Park Economic Service Center In The Works

Pelican Park, a development initiative of the Sint Maarten Chamber of Commerce and Industry (COCI), will be the countries first Economic Service Center (ECS).

The Pelican Park will be constructed on W.J.A. Nisbeth Road (Pondfill road) where the former Air Lekkerbek restaurant was located.

“The project has been in the planning since 2015. It has all the designs of an iconic modern development center. Building 1 of Pelican Park will house the COCI Office and Business Support Center. Building 2 will house independent offices that can be purchased, leased-to-own or rented, as well as a food and beverage facility or full-service restaurant. Building 3 will comprise rental spaces for entrepreneurs and dining areas,” COCI said about the project in a press statement.